MSBAM 2013-C10 Trust Details Servicing Compliance, Legal Wins

TL;DR

**This CMBS trust is a compliance machine, with legal risks against its trustee largely resolved, making it a stable, albeit low-growth, investment.**

AI Summary

The Morgan Stanley Bank of America Merrill Lynch Trust 2013-C10 10-K filing for the fiscal year ended December 31, 2025, primarily details the compliance of its servicing parties with Regulation AB. The trust, a non-accelerated filer, reported no revenue or net income figures as it is a securitization vehicle. A significant business change occurred on November 1, 2021, when Computershare Trust Company, National Association, assumed virtually all roles of Wells Fargo Bank, National Association, as certificate administrator, custodian, and trustee under the pooling and servicing agreements. Key risks include ongoing legal proceedings against Wells Fargo Bank, N.A., as trustee, regarding alleged failures in residential mortgage-backed securities (RMBS) trusts, though Phoenix Light SF Limited's appeal was dismissed in May 2023 and Commerzbank AG's appeal was denied in October 2024. The strategic outlook focuses on continued compliance with servicing criteria, with multiple parties like Midland Loan Services and LNR Partners, LLC, providing reports on assessment of compliance for the Milford Plaza Fee mortgage loan, serviced under the MSBAM 2013-C9 securitization from January 1, 2025, to December 31, 2025.

Why It Matters

This filing is crucial for investors in the Morgan Stanley Bank of America Merrill Lynch Trust 2013-C10 as it confirms the ongoing compliance of servicing parties with regulatory standards, particularly Regulation AB. The resolution of significant legal challenges against Wells Fargo Bank, N.A., as trustee, from Phoenix Light SF Limited and Commerzbank AG, reduces potential liabilities and provides stability for certificateholders. For employees of servicing entities like Computershare Trust Company and Midland Loan Services, it underscores their critical roles in maintaining the trust's operational integrity. The competitive landscape for CMBS trusts relies heavily on robust servicing and legal clarity, making these compliance and litigation updates vital for market confidence.

Risk Assessment

Risk Level: low — The risk level is low because the filing indicates no material legal proceedings pending against the issuing entity or its sponsors, and significant past litigation against Wells Fargo Bank, N.A., as trustee, has been resolved in its favor. Specifically, Phoenix Light SF Limited dismissed its appeal in May 2023, and Commerzbank AG's appeal was denied in October 2024, mitigating substantial legal overhang.

Analyst Insight

Investors should view this filing as confirmation of operational stability and reduced legal risk for the MSBAM 2013-C10 trust. Given the nature of a securitization vehicle, focus should remain on the performance of the underlying mortgage loans and the continued compliance of servicing parties, rather than seeking growth from the trust itself.

Financial Highlights

debt To Equity

0.0

revenue

$0

operating Margin

0%

total Assets

$0

total Debt

$0

net Income

$0

eps

$0

gross Margin

0%

cash Position

$0

revenue Growth

N/A

Key Numbers

• 2013-C10 — Trust Series (Identifies the specific securitization trust.)
• 2025-12-31 — Fiscal Year End (The period covered by this annual report.)
• 2021-11-01 — Servicing Agreement Effective Date (Date Computershare Trust Company, National Association, assumed key servicing roles.)
• 2023-05 — Phoenix Light Appeal Dismissal (Month and year Phoenix Light SF Limited dismissed its appeal against Wells Fargo Bank, N.A.)
• 2024-10 — Commerzbank AG Appeal Denial (Month and year Commerzbank AG's appeal against Wells Fargo Bank, N.A., was denied.)
• 333-180779-04 — Commission File Number (Unique identifier for the issuing entity's SEC filings.)
• 0001547361 — Depositor CIK (Central Index Key for Morgan Stanley Capital I Inc.)
• 0001541557 — Sponsor CIK (Morgan Stanley) (Central Index Key for Morgan Stanley Mortgage Capital Holdings LLC.)
• 0001102113 — Sponsor CIK (Bank of America) (Central Index Key for Bank of America, National Association.)
• 0001548567 — Sponsor CIK (CIBC) (Central Index Key for CIBC Inc.)

Key Players & Entities

• Morgan Stanley Bank of America Merrill Lynch Trust 2013-C10 (company) — issuing entity
• Wells Fargo Bank, National Association (company) — former certificate administrator, custodian, trustee, and defendant in legal proceedings
• Computershare Trust Company, National Association (company) — current certificate administrator, custodian, and trustee
• Midland Loan Services, a Division of PNC Bank, National Association (company) — master servicer and special servicer
• LNR Partners, LLC (company) — special servicer for Milford Plaza Fee mortgage loan
• Phoenix Light SF Limited (company) — plaintiff in dismissed RMBS lawsuit against Wells Fargo Bank, N.A.
• Commerzbank AG (company) — plaintiff in denied RMBS lawsuit appeal against Wells Fargo Bank, N.A.
• Morgan Stanley Capital I Inc. (company) — depositor
• Jane Lam (person) — President of Morgan Stanley Capital I Inc.
• Berkadia Commercial Mortgage LLC (company) — servicing function participant

Forward-Looking Statements

• The trust will continue to file annual 10-K reports around March each year. (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C10) — high confidence, target: 2027-03-31

FAQ

Risk Factors

• Ongoing Legal Proceedings Against Trustee [medium — legal]: Wells Fargo Bank, N.A., faces ongoing legal proceedings concerning alleged failures in RMBS trusts. While Phoenix Light SF Limited's appeal was dismissed in May 2023 and Commerzbank AG's appeal was denied in October 2024, the existence of such litigation presents a potential risk to the trust's operations and the reputation of its parties.
• Servicing Party Transition [medium — operational]: A significant business change occurred on November 1, 2021, when Computershare Trust Company, National Association, assumed virtually all roles of Wells Fargo Bank, National Association, as certificate administrator, custodian, and trustee. This transition, while aimed at ensuring continued compliance, introduces operational risks associated with integrating new servicing parties and processes.
• Regulation AB Compliance [medium — regulatory]: The primary focus of the 10-K is the compliance of servicing parties with Regulation AB. Failure to meet the detailed servicing criteria outlined in the regulation could lead to regulatory scrutiny and potential penalties, impacting the trust's operational integrity.

Industry Context

The securitization market, particularly for residential mortgage-backed securities (RMBS), operates under strict regulatory oversight, primarily driven by Regulation AB. Servicing parties play a critical role in ensuring the performance and compliance of these trusts. The industry is characterized by complex legal structures and a reliance on specialized service providers to manage diverse asset pools.

Regulatory Implications

The trust's continued compliance with Regulation AB servicing criteria is paramount. Any deviations could trigger investigations and potential penalties. The ongoing legal actions against Wells Fargo, while seemingly diminishing, highlight the inherent regulatory and legal risks associated with the historical servicing of RMBS trusts.

What Investors Should Do

1. Monitor Servicing Party Performance
2. Assess Legal Risk Mitigation
3. Review Servicing Reports

Key Dates

• 2021-11-01: Computershare Assumes Servicing Roles — Marks the effective date when Computershare Trust Company, National Association, took over key administrative, custodial, and trustee functions previously held by Wells Fargo Bank, National Association, signifying a major operational shift.
• 2023-05: Phoenix Light SF Limited Appeal Dismissed — Indicates a legal resolution in one of the proceedings against Wells Fargo Bank, N.A., as trustee, reducing a specific legal overhang for the trust.
• 2024-10: Commerzbank AG Appeal Denied — Represents another legal setback for a party appealing against Wells Fargo Bank, N.A., further mitigating a specific legal risk associated with the trustee's past actions.
• 2025-12-31: Fiscal Year End — The end of the reporting period for which the 10-K provides information on compliance and operational status.

Glossary

Regulation AB

A U.S. Securities and Exchange Commission (SEC) regulation that governs the reporting and disclosure requirements for securitization transactions, including the servicing of underlying assets. (This trust's filing is primarily focused on demonstrating compliance with Regulation AB by its various servicing parties.)

Pooling and Servicing Agreement (PSA)

A legal contract that outlines the terms and conditions under which mortgage loans are pooled together and serviced for the benefit of the trust's certificate holders. (The trust operates under multiple PSAs, and the compliance of parties to these agreements is central to the filing.)

Securitization Vehicle

An entity created to pool assets and issue securities backed by the cash flows from those assets. These entities typically do not generate revenue or net income in the traditional sense. (Morgan Stanley Bank of America Merrill Lynch Trust 2013-C10 is a securitization vehicle, explaining its lack of revenue and net income figures.)

Non-accelerated Filer

A type of filer with the SEC that is not required to provide as much financial information or adhere to as stringent reporting deadlines as larger accelerated filers. (This classification for the trust indicates a lower level of reporting complexity and fewer disclosure requirements.)

Certificate Administrator

The party responsible for performing administrative tasks related to the trust's certificates, such as calculating distributions, preparing reports, and managing communications with certificate holders. (Computershare Trust Company, National Association, now serves in this role, a key aspect of the trust's operational structure.)

Year-Over-Year Comparison

As this filing pertains to a securitization trust that does not generate revenue or net income, a direct comparison of financial metrics like revenue growth or margins to a previous year is not applicable. The key changes highlighted are operational, specifically the significant transition of servicing roles from Wells Fargo to Computershare Trust Company, National Association, effective November 1, 2021, and the ongoing legal proceedings against the former trustee, with recent developments indicating a reduction in specific legal challenges.

Filing Documents

• msc13c10_10k-2025.htm (10-K) — 86KB
• msc13c10_31.htm (EX-31) — 13KB
• msc13c10_33-1.htm (EX-33.1) — 357KB
• msc13c10_33-2.htm (EX-33.2) — 1420KB
• msc13c10_33-3.htm (EX-33.3) — 702KB
• msc13c10_33-4.htm (EX-33.4) — 3113KB
• msc13c10_33-5.htm (EX-33.5) — 172KB
• msc13c10_33-7.htm (EX-33.7) — 992KB
• msc13c10_33-8.htm (EX-33.8) — 92KB
• msc13c10_33-10.htm (EX-33.10) — 177KB
• msc13c10_34-1.htm (EX-34.1) — 14KB
• msc13c10_34-2.htm (EX-34.2) — 11KB
• msc13c10_34-3.htm (EX-34.3) — 14KB
• msc13c10_34-4.htm (EX-34.4) — 11KB
• msc13c10_34-5.htm (EX-34.5) — 9KB
• msc13c10_34-7.htm (EX-34.7) — 693KB
• msc13c10_34-8.htm (EX-34.8) — 10KB
• msc13c10_34-10.htm (EX-34.10) — 9KB
• msc13c10_35-1.htm (EX-35.1) — 1896KB
• msc13c10_35-2.htm (EX-35.2) — 2593KB
• msc13c10_35-3.htm (EX-35.3) — 1558KB
• msc13c10_35-4.htm (EX-35.4) — 1806KB
• msc13c10_35-5.htm (EX-35.5) — 290KB
• msc13c10_35-7.htm (EX-35.7) — 10KB
• msc13c10_35-9.htm (EX-35.9) — 191KB
• 0001888524-26-005161.txt ( ) — 16239KB

financial statements

financial statements. Not applicable. Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to 240.10D-1(b). Not applicable. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ___ No X non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter. Not applicable. Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Not applicable. Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date. Not applicable. DOCUMENTS INCORPORATED BY REFERENCE List hereunder the following documents if incorporated by reference and the Part of the Form 10-K (e.g., Part I, Part II, etc.) into which the document is incorporated: (1)Any annual report to security holders; (2) Any proxy or information statement; and (3)Any prospectus filed pursuant to Rule 424(b) or (c) under the Securities Act of 1933. The listed documents should be clearly described for identification purposes (e.g., annual report to security holders for fiscal year ended December 24, 1980). Not applicable. EXPLANATORY NOTES The MSBAM 2013-C10 mortgage pool includes the following mortgage loans, each of which is serviced pursuant to a separate pooling and servicing agreement (each, an "Outside Pooling and Servicing Agreement")

Financial Statements and

Financial Statements and Supplementary Data. Omitted. Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. Omitted. Item 9A.

Controls and Procedures

Controls and Procedures. Omitted. Item 9B. Other Information. None. Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. None. PART III Item 10. Directors, Executive Officers and Corporate Governance. Omitted. Item 11.

Executive Compensation

Executive Compensation. Omitted. Item 12.

Security Ownership of Certain

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. Omitted. Item 13. Certain Relationships and Related Transactions, and Director Independence. Omitted. Item 14. Principal Accountant Fees and Services. Omitted. ADDITIONAL DISCLOSURE ITEMS FOR REGULATION AB Item 1112(b) of Regulation AB, Significant Obligor Financial Information. Not applicable. Item 1114(b)(2) of Regulation AB, Significant Enhancement Provider Financial Information. No entity or group of affiliated entities provides any enhancement or other support for the certificates as described under Item 1114 (a) of Regulation AB. Item 1115(b) of Regulation AB, Certain Derivatives Instruments (Financial Information). No entity or group of affiliated entities provides any derivative instruments for the certificates as described under Item 1115 of Regulation AB. Item 1117 of Regulation AB, Legal Proceedings. The registrant knows of no legal proceeding pending against the sponsors, depositor, trustee, issuing entity, servicer contemplated by Item 1108(a)(3) of Regulation AB, originator contemplated by Item 1110(b) of Regulation AB, or other party contemplated by Item 1100(d)(1) of Regulation AB, or of which any property of the foregoing is the subject, that is material to security holders, other than as follows: In December 2014, Phoenix Light SF Limited (Phoenix Light) and certain related entities filed a complaint in the United States District Court for the Southern District of New York alleging claims against Wells Fargo Bank, N.A., in its capacity as trustee for a number of residential mortgage-backed securities (RMBS) trusts. Complaints raising similar allegations have been filed by Commerzbank AG in the Southern District of New York, IKB International and IKB Deutsche Industriebank (together, IKB) in New York state court, and Park Royal I LLC and Park Royal II LLC in New York state court. In each case, the plaintiffs allege that We

SIGNATURES

SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Morgan Stanley Capital I Inc. (Depositor) By: /s/ Jane Lam Jane Lam, President (senior officer in charge of securitization of the depositor) Date: March 24, 2026

View Full Filing

View this 10-K filing on SEC EDGAR